Initial gains in European stocks helped further boost sentiment as key benchmark indices in India extended intraday gains to hit fresh intraday high in afternoon trade. The barometer index, the BSE Sensex, hit its highest level in over nine weeks. The 50-unit CNX Nifty hit 7-1/2-week high. The market breadth was positive. The Sensex was up 167.74 points or 0.83%, up 76.88 points from the day's low and off 24.20 points from the day's high. Index heavyweights Reliance Industries and ITC both edged higher, with the latter hitting record high.
Bharat Heavy Electricals rose after the company won an order worth Rs 132 crore from NTPC. Shares of local search engine Just Dial advanced after the company on Monday, 22 July 2013, reported strong financial performance for the year ended 31 March 2013. Century Textiles edged higher after reporting strong Q1 results.
The market surged in early trade on firm Asian stocks. The market held firm in morning trade. Key benchmark pared gains after hitting fresh intraday high in mid-morning trade. The Sensex pared gains after hitting its highest level in over nine weeks. The 50-unit CNX Nifty trimmed gains after scaling 7-1/2-week high. The market hovered in positive terrain in early afternoon trade. Key benchmark indices extended intraday gains to hit fresh intraday high in afternoon trade as European stocks rose in early trade there.
The market may remain volatile this week as traders roll over positions in the futures & options (F&) segment from the July 2013 series to August 2013 series. The near month July 2013 derivatives contracts expire on Thursday, 25 July 2013.
At 13:15 IST, the S&P BSE Sensex was up 167.74 points or 0.83% at 20,326.86. The index jumped 191.94 points at the day's high of 20,351.06 in afternoon trade, its highest level since 20 May 2013. The index gained 90.86 points at the day's low of 20,249.98 in opening trade.
The CNX Nifty was up 55.55 points or 0.92% at 6,087.35. The index hit a high of 6,093.35 in intraday trade, its highest level since 31 May 2013. The index hit a low of 6,061.30 in intraday trade.
Also Read
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,064 shares gained and 930 shares fell. A total of 128 shares were unchanged.
Shares of power equipment major Bharat Heavy Electricals rose 2.4% to Rs 165.45 after the company said it has won major turnkey contracts worth Rs 132 crore from NTPC for setting up two eco-friendly grid-connected solar power plants of 10 MW each at Unchahar in Uttar Pradesh and Talcher in Orissa.
Shares of local search engine Just Dial were up 1.3% to Rs 693.50 after the company on Monday, 22 July 2013, reported strong financial performance for the year ended 31 March 2013. The company which was listed on the bourses early last month, reported 35% growth in net profit to Rs 68.46 crore on 38% growth in operating revenue to Rs 362.77 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Tech Mahindra was up just 0.1% at Rs 1,173.25. The stock pared gains after hitting 52-week high of Rs 1,193.90 in intraday trade. The company today, 23 July 2013, said it has signed an agreement with UBS Fund Services (Luxembourg) (UBS FSL) as the first client for its new platform, Tech Mahindra Managed Services, which is designed to support asset managers, wealth managers, investment banks, custodians and administrators. The contract is for an initial five-year term. Under the agreement, Tech Mahindra will provide UBS FSL with a fully managed service across four major areas of data management, pricing, corporate actions and tax data.
Century Textiles & Industries edged higher after the company reported strong Q1 results. The stock was up 1.48% at Rs 263.80. The company's net profit jumped 1462.24% to Rs 37.65 crore on 14.39% growth in total income to Rs 1595.59 crore in Q1 June 2013 over Q1 June 2012.
European stock markets edged higher in early trade on Tuesday, 23 July 2013, mirroring a positive session in Asia overnight after officials signaled China is committed to supporting growth in the country. Key benchmark indices in UK, Germany and France were up 0.36% to 0.49%.
Asian stocks surged on Tuesday, 23 July 2013, after data showing decline in US home sales dampened concerns the Federal Reserve will reduce stimulus measures. Key benchmark indices in Indonesia, South Korea, Singapore and Taiwan were up 0.63% to 1.58%.
Chinese stocks rose on expectations that Beijing will fine-tune its policies to support China's economic growth. In mainland China, the Shanghai Composite index jumped 1.95%. In Hong Kong, the Hang Seng index was up 2.33%. Chinese Vice Premier Zhang Gaoli on Monday, 22 July 2013, said that policy makers are committed to speeding up economic restructuring and will take steps to support reasonable infrastructure and social-welfare investments, according to media reports.
China's foreign-exchange regulator said separately that the country wasn't seeing any capital flight.
Japanese shares edged higher after the government upgraded its view of the economy for a third straight month. The Nikkei 225 Average advanced 0.82%.
Trading in US index futures indicated that the Dow could gain 29 points at the opening bell on Tuesday, 23 July 2013. US stocks posted modest gains on Monday, with the S&P 500 notching its 23rd record close this year, as the financial and health-care sectors led the market higher. Sales of previously owned US homes unexpectedly dropped 1.2% in June, data yesterday showed.
Federal Reserve Chairman Ben Bernanke last week said it is too early to determine whether the central bank will taper asset purchases at its meeting in September. The central bank currently purchases $85 billion a month in government and US mortgage debt, aimed at encouraging economic growth.
Powered by Capital Market - Live News